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by Stockwatch Business Reporter

West Texas Intermediate crude for June delivery added $4.15 to $105.42 on the New York Merc, while Brent for July added $3.54 to $109.26, both benchmarks notching a decisive weekly gain (all figures in this para U.S.). Western Canadian Select traded at a discount of $25.10 to WTI, down from a discount of $21.50. Natural gas for June added six cents to $2.96. The TSX energy index added 8.90 points to close at 439.62.

The Ottawa-Alberta MOU (memorandum of understanding) has been upgraded to an "implementation agreement." Today, the two governments firmed up their perceived grand bargain: carbon pricing and carbon capture commitments in exchange for a new pipeline to the West Coast. Prime Minister Mark Carney and Alberta Premier Danielle Smith unveiled the new agreement in Calgary.

Among other things, the governments have agreed to a headline carbon price of $140 per tonne by 2040 -- no longer $170 by 2030, as Ottawa previously wanted -- with Alberta agreeing to enforce a minimum floor price to prevent carbon credit markets from collapsing. (The province has been blamed for loopholes that have allowed these markets to be flooded with cheap credits, sometimes as low as $17 per tonne. The new sliding floor price will start at $60 in 2030 and rise to $110 by 2040.) Both governments also have "reaffirmed their commitment" to the industry-proposed Pathways carbon capture and storage project, specifically committing to work "expeditiously" with the proponents to create the conditions for an investment decision.

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